Japan had Urged in G20 Summit to prevent usage of cryptocurrency for Money Laundering

Japan will urge its G20 counterparts at a meeting next week to beef up efforts to prevent cryptocurrencies from being used for money laundering, a government official with direct knowledge of the matter said.

There was focus on " on anti-money laundering steps and consumer protection, rather than how cryptocurrency trading could affect the banking system"

The Paris-based Financial Action Task Force (FATF), a 37-nation group set up by the G7 industrial powers to fight illicit finance, will report to the G20 its findings on ways to keep cryptocurrencies from being used for money laundering.

Whereas Good News :

France and Germany have said they will make joint proposals to regulate the bitcoin cryptocurrency market. A head of the European Union’s watchdog said a short-term strategy could be to focus on applying anti-money laundering and terrorist financing rules, warning consumers of the risk of trading in cryptocurrencies and preventing banks from holding them.

The trick would be to apply regulations to protect consumers and prevent illicit activity, without stifling innovation in the fast-growing crypto-currency and fintech sectors, the Japanese officials said.